Brisbane’s Eagle Street Pier Receives $2.1b Development Boost

Annastacia Palaszczuk’s Labor Government has today signed off on a massive $2.1 billion development plan for Eagle Street Pier.
The property group Dexus has signed the facilitation agreement alongside the government to bring the Waterfront Brisbane concept plan to life. The Minister for State Development Cameron Dick has stated the new agreement will transform Eagle Street Pier into a premium leisure and business destination.
“The Palaszczuk Government is facilitating significant private investment to Queensland because it creates jobs and boosts tourism,” Mr Dick said.
“Dexus can now commence the detailed design stage and proceed with development applications.”
Dexus has estimated an average of 1120 construction jobs will be created annually over the next 10 years, with an extra 916 operational jobs supported once the works have completed.
The Waterfront Brisbane proposal includes:
A variety of riverfront restaurants, casual eateries and shops
Two premium office and mixed-use towers on the Eagle Street Pier site
Upgrade to the Creek Street and Charlotte Street intersection to improve pedestrian connectivity
Upgraded wharf facilities supporting commercial and river tourism operations with provisions to support the delivery of a new City Reach ferry terminal
New and revitalised public realm, featuring around 7900 square metres of open space (including approximately 3900 square metres in the Eagle Street Pier area), incorporating a market square and steps, urban verandah terraces, an extension of the City Reach Riverwalk and a new ‘green’ corridor connecting Eagle Street to the Riverwalk
Enhanced City Reach Riverwalk supporting cyclists and pedestrians
Mr Dick described the works as a “landmark project”, with an estimated $5.7 billion boost to Queensland’s Gross State Product over the next 40 years. Mr Dick also outlined this project will inject $230 million of value to Queensland’s construction and professional service sectors.
“The Waterfront Brisbane proposal is a city-shaping development for Brisbane’s CBD and one that the Palaszczuk Government is proud to facilitate with Dexus for the benefit of the Brisbane and Queensland community.”
Dexus Chief Investment Officer Ross Du Vernet said, “This is a significant milestone that unlocks the considerable potential in this Brisbane CBD gateway site which has sat under-developed for almost 30 years.
“Its scale and central riverfront location provide a truly unique opportunity to create a world-class destination for city workers, residents and tourists.
“Waterfront Brisbane is a key project in Dexus’ $8.7 billion development pipeline. We have been encouraged by the support our plans have received from the state government, council and the community, and we’re excited to bring this vision to life.”
The required code compliant applications will be submitted to Brisbane City Council by mid-2020, Dexus estimates.
Delivery of the project will be staged and subject to Dexus securing the relevant approvals.
Construction on the Eagle Street Pier site is expected to commence in 2022 and the first tower to be delivered in 2026.

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